Santos Ltd (ASX:STO) lifted fourth-quarter production to 22.3 million barrels of oil equivalent (boe), up 5% on the previous quarter, taking full-year output to 87.7 million boe despite weather disruption in the Cooper Basin.
Quarterly sales volumes rose 15% to 24.8 million boe, delivering more than $1.2 billion in revenue. Full-year unit production costs were held below $US7/boe, excluding Bayu Undan.
At Barossa LNG, Santos began loading its first cargo in Darwin following completion of start-up and commissioning. Pikka phase one is 98% complete, with the 23rd well producing about 8,000 barrels of oil per day.
Chief executive Kevin Gallagher said Santos now has “a strong platform for production growth” with Barossa’s first LNG cargo loading at Darwin and the company nearing first production from Pikka, which he said would support sustainable shareholder returns while enabling continued reinvestment to grow output.
Santos expects Barossa LNG and Pikka phase one running at full rates to lift production by 25–30% by 2027, underpinning longer-term shareholder returns.